Teva up on M&A deal; Biogen, Elan slide

ValBrickates Kennedy

BOSTON (MarketWatch) -- Teva Pharmaceutical Industries was the lead advancer among the large-cap drug stocks early Thursday, gaining on news that it plans to buy German generic drug-maker Ratiopharm Group International for $5 billion.

The Israel-based generics giant said the acquisition will expand its presence in key European markets, particularly Germany.

Biogen said late Wednesday that 42 cases of the rare brain disease PML have now been reported in users of its multiple sclerosis drug Tysabri since the product was reintroduced to the market in 2006. The company also reported an additional death from PML, bringing the mortality rate up to nine.

Tysabri was pulled from the market in 2005 after it was suspected of triggering PML in certain users. The drug was returned to the market in 2006 with tighter prescribing restrictions and is generally used to treat patients who have not responded well to other MS treatments.

Tysabri is co-marketed with Elan Corp.
ELN, +0.00%
shares of which were down 2% at $7.30.

GlaxoSmithKline
GSK, -0.48%
gained nearly 3% on news that Novartis
NVS, -1.41%
has handed back U.S. rights to market a potential copycat version of Glaxo's Advair. See story.

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